In a surprise move, global beverage giant Diageo plc has announced the immediate departure of its Chief Executive Officer, Debra Crew, two years after officially taking the helm.
The decision, described as mutual by the company, also sees Crew step down from her role as a board director.
In a statement released today, Diageo confirmed that its Chief Financial Officer, Nik Jhangiani, will assume the responsibilities of interim Chief Executive Officer as the Board initiates a comprehensive formal search for a permanent successor.
The process, Diageo said, will evaluate both internal and external candidates.
Debra Crew’s exit comes at a critical time for the FTSE 100-listed drinks conglomerate, which owns iconic brands such as Johnnie Walker, Guinness, and Tanqueray.
Having joined Diageo in 2019 as a non-executive director, Crew quickly rose through the ranks, serving as President of Diageo North America and later as Group Chief Operating Officer, before being appointed CEO in June 2023.
In his remarks, Diageo Chair John Manzoni paid tribute to Crew’s leadership during one of the company’s most turbulent periods.
“On behalf of Diageo and the Board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility,” Manzoni said.
“On behalf of all Diageo colleagues, I wish her every success in the future.”
The Board expressed confidence in the company’s long-term prospects, noting that fiscal guidance for 2025 and 2026 remains unchanged.
Tribunal Backs URA in UGX 10.2 Billion Century Bottling Tax FightThis was previously communicated in Diageo’s third-quarter trading update on May 19. The company is also on track to report its full-year 2025 financial results on August 5.
Though the company has not provided further details behind Crew’s departure, industry analysts are expected to scrutinize the timing and possible implications, especially as Diageo continues to navigate shifting consumer demand, inflationary pressures, and uneven post-pandemic recoveries across global markets.
Crew’s tenure was marked by an emphasis on premiumization and innovation in Diageo’s product portfolio, alongside continued investment in sustainability and digitization.
Her leadership in North America, one of Diageo’s largest markets, had previously drawn praise for driving growth and resilience amid changing regulatory landscapes.
Nik Jhangiani, who steps in as interim CEO, has served as Chief Financial Officer since 2024 and is a seasoned Diageo executive with deep experience in global finance and strategic planning.
“The Board’s focus is on securing the best candidate to lead Diageo and take the company forward,” Manzoni added. “We strongly believe Diageo is well placed to deliver long-term, sustainable value creation.”
The announcement was arranged by Randall Ingber, General Counsel and Company Secretary, in accordance with London Stock Exchange disclosure obligations.
As markets digest the leadership shakeup, Diageo’s shareholders and industry watchers alike will be keen to assess the future direction of one of the world’s most influential alcoholic beverage companies under new stewardship.
